Payday Loans for Bad Credit History Applicants

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Payday Loans for Bad Credit History Applicants

When we speak about “level of trust”, we often hear, “good credit” or “bad credit”. What does that mean? Your credit history is collected and processed by credit reporting agencies, compiling your credit report. If it contains positive information, it will report that you have good credit. If there’s a lot of negative information, such as defaulted loans, late payments, etc., you might be considered a “poor risk”.

Bad credit can affect your chances to get approved for a loan, find a good job, buy a car or rent an apartment. That’s why you need to understand how credit reporting companies measure your credit score. A credit score is the number that lenders use to quantify how risky a borrower you are. It’s used by banks and credit card companies to determine if you are a good or poor risk for lending.

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What influences a Credit Score?

The credit score used most often is called the FICO score, named after the Fair Isaacs Corporation. It’s used by 90% of lending organizations. The main criteria that they take into account are shown in the diagram below:

According to these five factors, mentioned in the table, your credit score is measured, and you are categorized as a good risk or a bad risk.

You are considered risky if:

You are considered safe if:

You defaulted on any previous loans.

You have a lot of debt.

Your credit history is very short.

You’ve recently applied for a lot of new loans.

You’ve paid your previous loans in full, and on time.

You have no, or little, debt.

You have a lot of positive history managing debt.

You don’t have any current loans.

Types of Credit Score.

The FICO score ranges between 300 and 850. The higher the score, the better. According to this number, consumers can be divided into several groups.

Credit title

Poor

Fair

Good

Very good

Exceptional

Credit score

300-579

580-669

670-739

740-799

800+

What does it mean?

You may be rejected. Or you may need to pay a fee or a deposit.

To get approved may be rather difficult, and the rates are likely to be higher.

You are an “acceptable” borrower.

You may get better interest rates from lenders.

You will be easily approved for a loan.

27% of people have a very good score while only 2% - poor. The highest average score is in Wisconsin, the lowest in Mississippi. Still any US resident with financial difficulties can apply and get approved for a loan. Those with very good or even exceptional scores may qualify for any type, amount and lower-rate loans, while the others can get a payday, personal or installment loan.

How can I take a payday loan if I have a poor credit score?

If your credit history is far from perfect, it doesn’t mean you can’t borrow the money you need. There are still several options. You may turn to a credit union, family, friends, peer-to-peer lending platforms or use our online service.
We offer payday, personal and installment loans from more than 300 direct lenders with reasonable rates, subject to conditions, including your credit score. Our partners look at your overall situation, and not only your credit score. Payday loans in the amount $100-$1,000 are available even for those with fair or poor credit. You’ll get up to $1,000 cash deposited into your account within 24 hours. Just fill out a simple application form online. And if you meet the lenders’ basic requirements (18 years of age, being a resident of the USA, having a valid bank account and a permanent job with stable income) you’ll be approved for a loan.
Installment and personal loans are also available for borrowers with bad credit. Your score can influence the amount you are approved for, and the interest rate the lender will offer you. The maximum sum for an installment cash advance is $5,000, and for a personal loan, $15,000. In any case, you need no collateral, no guarantor, no paperwork. The money is yours without any additional paperwork, driving, or waiting in lines. No matter whether your credit score is 400, 550, or 600, let us help you to find a suitable reliable lender.

How can I improve my credit score?

Having poor credit is not a verdict. You can make things better, and life easier. All you need is knowledge. And we can provide you with the necessary information you need. Here are some tips on how to improve your credit score:

Try not to default on your loans; and pay your bills on time.

Be attentive to your credit card balance. It will influence your score more than other types of credit.

Do not exceed your credit card limit. Preferably, use less than 10% of it. If your available credit is $15,000, try not to keep a balance above $1,500.

Don’t have debt in too many different accounts.Try to consolidate your debt onto one credit card.

Take care of your credit report. You may get it free, once a year; online, at annualcreditreport.com or by phone 1-877-322-8228. Double-check all the data and numbers. Let the lenders know about any issues or mistakes.

If you follow this advice, you’ll be able to control your credit score. It will lead to its’ improvement, which means you’ll be able to borrow more money at lower rates.

APR Disclosure. Some states have laws limiting the Annual Percentage Rate (APR) that a lender can charge you. APRs for cash advance loans range from 200% and 1386%, and APRs for installment loans range from 6.63% to 225%. Loans from a state that has no limiting laws or loans from a bank not governed by state laws may have an even higher APR. The APR is the rate at which your loan accrues interest and is based upon the amount, cost and term of your loan, repayment amounts and timing of payments. Lenders are legally required to show you the APR and other terms of your loan before you execute a loan agreement. APR rates are subject to change.

For peace of mind, and to ensure you know what you're going to pay, ask your lender exactly what fees are included in the APR figure they offer you.

Material Disclosure. The operator of this website is not a lender, loan broker or agent for any lender or loan broker. We are an advertising referral service to qualified participating lenders that may be able to provide amounts between $100 and $1,000 for cash advance loans and up to $15,000 for installment loans. Not all lenders can provide these amounts and there is no guarantee that you will be accepted by an independent, participating lender. This service does not constitute an offer or solicitation for loan products which are prohibited by any state law. This is not a solicitation for a particular loan and is not an offer to lend. We do not endorse or charge you for any service or product. Any compensation received is paid by participating lenders and only for advertising services provided. This service and offer are void where prohibited. We do not control and are not responsible for the actions of any lender. We do not have access to the full terms of your loan, including APR. For details, questions or concerns regarding your loan please contact your lender directly. Only your lender can provide you with information about your specific loan terms, their current rates and charges, renewal, payments and the implications for non-payment or skipped payments. The registration information submitted by you on this website will be shared with one or more participating lenders. You are under no obligation to use our service to initiate contact with a lender, apply for credit or any loan product, or accept a loan from a participating lender. Cash transfer times and repayment terms vary between lenders. Repayment terms may be regulated by state and local laws. Some faxing may be required. Be sure to review our FAQs for additional information on issues such as credit and late payment implications. These disclosures are provided to you for information purposes only and should not be considered legal advice. Use of this service is subject to this site’s Terms of Use and Privacy Policy.

Exclusions. Residents of some states may not be eligible for some or all short-term, small-dollar loans. Residents of Arkansas, New York, Vermont and West Virginia are not eligible to use this website or service. The states serviced by this website may change from time to time, without notice.
Credit Implications. The operator of this website does not make any credit decisions. Independent, participating lenders that you might be matched with may perform credit checks with credit reporting bureaus or obtain consumer reports, typically through alternative providers to determine credit worthiness, credit standing and/or credit capacity. By submitting your information, you agree to allow participating lenders to verify your information and check your credit. Loans provided by independent, participating lenders in our network are designed to provide cash to you to be repaid within a short amount of time. The short-term loans are not a solution for long-term debt and credit difficulties. Only borrow an amount that can be repaid on the date of your next pay period. Consider seeking professional advice regarding your financial needs, risks and alternatives to short-term loans. Late Payments of loans may result in additional fees or collection activities, or both. Each lender has their own terms and conditions, please review their policies for further information. Nonpayment of credit could result in collection activities. Each lender has their own terms and conditions, please review their policies for further information. Every lender has its own renewal policy, which may differ from lender to lender. Please review your lender’s renewal policy.